Trading suggestion:
There is a possibility of the uptrend. if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
EURJPY is in a range bound and the beginning of uptrend is expected.
The price is above the 50 & 200 EMA.
The RSI near 50.
Take Profits:
TP1= @ 123.595
SL= 122.838
Risk reward ratio = 1 : 1.23...
Trend - Short
Nature - Corrective phase
Pattern - Bear Flag
Stop loss : 44 pips
Risk : Reward :20:1
Rising wedge pattern is a reversal pattern that is suggestive of a sell setup. Now forecasting a likely bear flag formation to continue the short trend
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (123.74). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. EURJPY is in a range bound and the beginning of uptrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic...
Trend - Short
Nature - Corrective phase
Pattern - Rising Wedge
Stop loss : 50 pips
Risk : Reward : 1:3
Rising wedge pattern is a reversal pattern that is suggestive of a sell setup.
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (121.9). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. EURJPY is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
....
As you can see . Clearly showed , support resistance strategy here . S-r flip , price currently bouncing back from the support zone 120.440. Expecting good move towards take profit 1 ( first key resistance zone)and futher take profit 2 ( 2nd key resistance zone)which are respected .
Price nicely rejected from the mentioned support zone for( 3 major rejection s)...
We can also see EURJPY in a bullish move .This is a good opportunity to buy at current price and have good R:R of 1:2.5 and may be even more after the price retest at above Support level.
Trade Setup summary:
Profit targets=1250 pip (85 + 135 + 240 + 350 + 440)
Stop Loss =350 pip
Reward/Risk > 3.5 : 1
Current Status:
Total Profit: 140 pip
Closed trade(s): 0 pip Profit
Open trade(s): 140 pip Profit
Trade Setup:
We opened 5 BUY trade(s) @ 119.8 based on 'previous Forecast' at 2020.06.20 :
Open Profit:
Profit for one trade is 120.18...
LOOKING AT EURJPY YOU CAN SEE WHAT BEEN IN A VERY LONG TERM DOWNTREND WE CAN SEE ON THE CHART WE HAVE STARTED TO MAKE LOWER LOWS,LOWER HIGHS MEANING WE ARE IN A VERY NICE DOWNTREND
WE CAN SEE ON THE CHART THAT WE HAVE COME BACK UP TO THE TREND LINE AND WE CAN ALSO SEE THAT WE HAVE SEEN PRICE SLOW DOWN ONCE WE GOT TO THE LEVEL OF THE TREND LINE MEANING POTENTIAL...
